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Tie Line 2 Business Case Final

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Tie Line 2 Business Case Final Document Status This document has been prepared at the request of the Private Bills Unit to provide the Committee of MSPs considering the Bill for Tram Line Two with an updated position relative to the equivalent version submitted in December 2003. This document should be regarded as a working draft as significant aspects of the business case are subject to continuing work and will be further developed in the Outline Business Case anticipated in summer 2005. This will be followed by a Formal Business Case in 2006 prior to financial commitment, all subject to the Bill receiving Royal Assent. tie limited 2 Edinburgh Tram Line Two - 2004 Preliminary Financial Case - Update September 2004 1 Executive Summary 8 1.1 Introduction 8 1.2 Risks 10 1.3 Key Procurement Issues 10 1.4 Programme risk 11 1.5 Service integration 12 1.6 Results of Financial Model 12 2 Introduction and Background 16 2.1 Introduction 16 2.2 Description of tie/City of Edinburgh Council Relationship 16 2.3 Outline of Previous Work 16 2.4 Description of Project Development 17 2.5 Summary of tie Advisors roles and functions and Working Groups 18 2.6 Summary 19 3 The Need for Tram 20 3.1 Tram in Edinburgh 20 3.2 The Justification for Tram: The Structure Plan 28 3.3 Overall Policy Context 29 3.4 Specific Tram Benefits 33 3.5 West Edinburgh 36 3.6 Why not other public transport modes instead of tram? 38 3.7 Conclusions 40 4 Summary of STAG Appraisal 42 tie limited 3 Edinburgh Tram Line Two - 2004 Preliminary Financial Case - Update September 2004 4.1 Introduction 42 4.2 STAG 2 42 4.3 Scheme Description 42 4.4 STAG 2 Appraisal 43 4.5 Cost to Government 44 5 Risk 45 5.1 Introduction 45 5.2 Approach to the Identification and Mitigation of Risk 49 5.3 Key Risks 52 5.4 HM Treasury Green Book 56 5.5 Conclusions 57 6 Procurement Options 59 6.1 Procurement Issues 59 6.2 Evaluation Features 60 6.3 Operator 61 6.4 Infrastructure 67 6.5 Information Exchange with the Council and SE 73 6.6 Conclusions 74 7 Funding Options 75 7.1 Assessment of Public and Private Funding Options 75 7.2 Funding Sources 76 7.3 Additional Considerations 79 7.4 Value for Money Analysis 83 7.5 Funding Strategy 85 7.6 Conclusions 88 tie limited 4 Edinburgh Tram Line Two - 2004 Preliminary Financial Case - Update September 2004 8 Cost & Revenue Development 89 8.1 Capital and Operating Costs 89 8.2 Methodology used by Technical Advisors to project Farebox Revenue 91 8.3 Value Engineering and Cost Optimisation 93 9 Financial Model Assumptions 96 9.1 Summary of Assumptions in Financial Model 96 9.2 Model Inflows and Outflows 97 9.3 Taxation treatment in financial models 98 10 Financial Model Output 101 10.1 Introduction 101 10.2 Funding Model 101 10.3 NPV Analysis 103 10.4 Sensitivity Analysis 104 10.5 Sources and Applications of Funding and Affordability 104 tie limited 5 Edinburgh Tram Line Two - 2004 Preliminary Financial Case - Update September 2004 CERT Central Edinburgh Rapid Transport CETM Central Edinburgh Traffic Management CSTM Central Scotland Transport Model DBM Design Build and Maintain DBOM Design Build Operate and Maintain DfT Department for Transport DPOF Development Partnering and Operating Franchise EARL Edinburgh Airport Rail Link EIB European Investment Bank GDP Gross Domestic Product Infraco Infrastructure and Equipment Company IRR Internal Rate of Return ITI Integrated Transport Initiative KPI Key Performance Indicator LB Lothian Buses LEI Local Economic Impact LIBOR London Interbank Offered Rate LRT Light Rapid Transit LUTI Land-use/ Transport interaction MAWG Modelling Appraisal and Working Group MLA Minimum Liquid Asset NAO National Audit Office tie limited 6 Edinburgh Tram Line Two - 2004 Preliminary Financial Case - Update September 2004 NPV Net Present Value OBC Outline Business Case OHLE Overhead Line Electrification OJEU Official Journal of the European Union Opex Operating Expenditure PFI Private Finance Initiative P&M Plant & Machinery PPP Public Private Partnerships PUK Partnerships UK RPI Retail Price Index SE Scottish Executive SEEL Scottish Enterprise Edinburgh and Lothian SEERAD Scottish Executive Environment and Rural Affairs Department SEPA Scottish Environment Protection Agency SNH Scottish Natural Heritage SPC Special Purpose Company STAG Scottish Transport Appraisal Guidance the Council City of Edinburgh Council tie tie Limited TRAM Traffic Restraint Analysis Model TUBA Transport User Benefit Appraisal VAI Vision Achievement Incentive VAT Value Added Tax VFM Value For Money VTM Variable Trip Matrix tie limited 7 Edinburgh Tram Line Two - 2004 Preliminary Financial Case - Update September 2004 WEL Waterfront Edinburgh Limited tie limited 8 Edinburgh Tram Line Two - 2004 Preliminary Financial Case - Update September 2004 1.1 Introduction The purpose of this updated version of the Preliminary Financial Case is to report on progress that has been made, since the submission of the Preliminary Financial Case in December 2003, in the development of options to procure and finance Line Two of the proposed Edinburgh Tram Network. This document incorporates and updates the information in the December 2003 version. Future actions described in this document reflect the need to set out a forward plan of action and do not imply any presumption about Parliament's wishes. tie is progressing the technical and financial analysis of Lines One, Two and Three of the Network on behalf of City of Edinburgh Council (the Council). It should be noted that this is not an application for funding support from the Scottish Executive (SE) at this stage. No contractual commitment to the construction of the tram line has yet been made. Further development work is required to finalise the technical solution for the line and consequently the revenue and cost assumptions which have been factored into the financial model contained within this Preliminary Financial Case. A formal application for SE funding support will be submitted prior to the commencement of the tendering process for the contract to install the infrastructure for the line in the form of an Outline Business Case (OBC). The present estimate of the timescale for this is summer 2005. It should also be noted that this document is a financial analysis of the project. The Scottish Transport Appraisal Guidance (STAG) 2 analysis is contained within a separate document prepared by Faber Maunsell. This Preliminary Financial Case has been informed by the work undertaken by Faber Maunsell in preparing and recently completing an updated version of the STAG 2 document. This document also describes: • the need for a tram system in Edinburgh; • the basis for the selected procurement approach; • tie’s early and proactive approach to transport service integration; • the extensive and rigorous project risk management procedures in place (including those mitigating cost creep); and • the impact of alternative financial structures. tie has also assessed the National Audit Office (NAO) report into light rail schemes and Audit Scotland’s recently reported findings in relation to Holyrood and believes that the principal recommendations have been embedded in the procurement and project management approach to the tram project. tie limited 9 Edinburgh Tram Line Two - 2004 Preliminary Financial Case - Update September 2004 Description of the Line Two Project The proposed Edinburgh Tram Network is a primary component of the Council's Local Transport Strategy, contributing to the easing of congestion and improved transport links to support economic development and social policy objectives. Line Two will go from St Andrew Square, adjacent to the new bus station development, to the Airport and on to Newbridge serving key locations en route. It will connect Princes Street, Shandwick Place and Haymarket in the City centre to Murrayfield, South Gyle, Edinburgh Park, the Gyle Centre and the Royal Bank of Scotland’s new world headquarters at Gogarburn. It will provide interchange opportunities with mainline railway services at Haymarket and Edinburgh Park stations, and with bus services through the City centre and at the Gyle. It will also serve the proposed Park and Ride development at Ingliston. In total the line covers 18km and has stops situated at 18 locations. The demand for the tram has been derived through a detailed modelling process. This has forecast the annual patronage to be 5.38 million in 2011, rising to 6.94 million by 2026. The revenues and the capital, lifecycle and operating costs have been developed through a rigorous process and benchmarked by the technical consultants between Lines One and Two and against other UK projects. These will be subject to further refinement prior to financial commitment. Summary of Costs and Revenues Description Line Two (£)* Capital Costs Base Cost 256,728,320 Contingency 21,792,000 Specified Capital Cost 278,520,320 Optimism Bias 42,390,080 Total 320,910,400 Lifecycle Costs Total 51,672,000 Operating Costs Per Annum 6,097,000 Revenue 2011 6,360,000 2026 8,310,000 *All prices at Q2 2003, undiscounted. The capital and lifecycle costs quoted above, with the exception of Optimism Bias, are derived from the STAG2 analysis conducted by Faber Maunsell. The treatment of Optimism Bias is addressed in section 5.4. The benefits of the project against the Planning Objectives are set out in the STAG2 document. The appraisal has identified that this route from St Andrew Square to the Airport and via the branch line to Newbridge best meets the Planning Objectives in that: tie limited 10 Edinburgh Tram Line Two - 2004 Preliminary Financial Case - Update September 2004 • it enhances the accessibility of key areas within the City thereby improving access to employment and social opportunities, especially for those without private transport; • air quality is expected to improve as a result of the reduction in number of cars.
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